India Business News Headlines 20th December 2017 – Tentaran.com

Here are the India Business News Headlines 20th December 2017:

  • As per CAG, Reliance Jio is among the five telecom firms that under-reported revenue resulting in a shortfall of nearly Rs.2,578 crore to the govt exchequer.

 

  • JPMorgan Chase and Co.’s real estate investment arm is preparing to exit all four remaining investments made from its first India-focused realty fund called JPMorgan India Property Fund. In 2006, JPMorgan Asset Management had raised $360 million for its maiden real estate fund from institutional investors and HNIs across global markets. The firm had halted its real estate investments in India last year.

 

  • Tata Steel board has approved Rs23,500 capex plan to expand production capacity of its Kalinganagar plant by 5 MTPA to 8 MTPA. The board has also approved rights issue to raise Rs12,800 crore, a part of which will also be used to fund the expansion.

 

  • MCA will soon notify a scheme to provide relief to over 300,000 directors disqualified for being associated with companies which failed to file their financial results. Non-compliant companies can apply for a pardon (or condonation of delay) for three months starting January. During this period, the disqualification of their Directors will be lifted temporarily to allow them to file the pending documents. All pending documents need to be filed before 30 June.

 

  • Banks have decided that all the bidders for stressed assets in the ongoing insolvency proceedings will have to disclose their source of funds and furnish a cheque for the bid amount to be eligible to participate.

 

  • Ola has acquired Foodpanda India from its German parent Delivery Hero AG in an all-stock deal that will see Ola infusing $200 million in Foodpanda India’s operations. Under the deal, Foodpanda’s India business will be transferred to Ola in exchange for its stocks.

 

  • CCI has cleared IndusInd-Bharat Financial merger, which will be effected through an all-stock transaction of BFIL into IndusInd through a composite scheme of arrangement.

 

  • Yes Bank and European Investment Bank will co-finance $400 million funding for renewable power generation in India. The new financing program will streamline financing for a range of renewable energy projects being built and operated by leading Indian corporations and private sector developers.

 

  • Apple has appointed Michel Coulomb as new India sales head, who will replace Sanjay Kaul. Michel has worked with Apple since 2003 and was most recently MD for Apple in South Asia.

 

  • Shoppers Stop has appointed Rajiv Suri as the CEO of the company with effect from 9 January 2018. Suri was the CEO of MAF fashion business, prominent in middle east. Shoppers Stop also announced resignation of its CFO Sanjay Chakravarti.

 

  • Nearly 80 years after its introduction in India, Parle-G continues to dominate the country’s biscuit market It holds 20% share of the Rs25,000 crore biscuit market by value.

 

*News as published in Business Standard, Live Mint and Economic Times.
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